Inheritance Tax Nil Rate Band

Summary

The residential nil-rate band allows a £175,000 threshold per parent for inheritance tax when a residence is passed to direct descendants. This can total £350,000 for both parents if all conditions are met. Consulting a tax advisor is recommended to ensure all requirements are satisfied for your specific situation.

Full Conversation

Peter rather...
Hey Petr! It seems like there might be some confusion with names. Could you please clarify what legal issue you're facing? That way, I can provide you with the best information possible.
My father died in * and my mother just recently in *. I am trying to work out whether the residential nil-rate band for inheritance tax would be applied at £*,* each, adding up to £*,* for both assuming my mother's only residence was passed to me as her son.
Hey Peter! The residential nil-rate band allows for an additional inheritance tax threshold when a residence is passed to direct descendants. Here are some key points:
- Each parent can benefit from a £*,* nil-rate band.
- The combined allowance for your parents could be £*,*, assuming all criteria are met.
It's advisable to consult with a tax advisor to ensure all conditions are satisfied.
thanks
Case Rating: *
You're looking into the residential nil-rate band for inheritance tax, which can be complex. The potential combined allowance of £*,* is a starting point, but consulting a tax advisor will ensure all requirements are met for your situation. If you have more questions, feel free to ask!